Retirement is a significant milestone that many of us look forward to. Yet, the question of where to retire can be a daunting one. This is especially true when you’re trying to stretch your retirement savings.
In this article, we’ll explore the 15 best places where you can retire with $250,000 in savings and feel rich. If you wish to skip our detailed analysis, jump to 5 Best Places Where You Can Retire with $250,000 in Savings and Feel Rich.
Places Where You Can Retire with $250,000-Hint: It’s Not the US
If you think you are on your own when it comes to funding your income in retirement, you are not alone. Essentially, many Americans now believe retirement in the USA means working well into your aging years, doing so because of the inability to thrive on the shaky funds of Social Security that have already left behind the bottom 90% of workers.
According to an AARP Financial Security Trends Survey, 61% of workers are worried about having enough money to achieve financial security throughout retirement. 57% of them are regretful that they didn’t save more when they could, while a mere 33% believe their current savings rate will help them achieve financial security in retirement.
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On the other hand, The Goldman Sachs Group, Inc. (NYSE:GS) survey sampling employed people reveals how 42% of workers state that their retiremnet savings are “somewhat behind” or “very behind” schedule when asked, “Where would you say your retirement savings are at this moment”? Naturally, older respondents were more worried since they had less time ahead of themselves.
Besides having more time, younger people tend to be more “optimistic” when it comes to their retirement savings and the future in general. Older people, on the other hand, have a fair reality check since they realize they have been failing to save at the rate they should have been saving over the years.
For those who think they will probably retire by 65, life often disrupts these plans, too. According to research by the Employee Benefit Research Institute (EBRI), a typical worker in the USA is stepping back from work three years earlier than expected. Despite the need for these individuals to work longer to fund their increasing golden years, many individuals are unable to work as long as they hoped to.
According to the report, seven out of 10 retirees stopped working before the traditional retirement age of 65 due to disabilities, health issues, and other reasons beyond their control. Consequently, many such workers don’t have enough saved for their golden years due to the early exit they are forced to make.
Another study capturing the challenges and expectations surrounding financial well-being and retirement planning by MetLife Inc. (NYSE:MET) reveals how 61% of employees are behind on retirement goals or haven’t started saving at all. 64% are concerned about outliving their savings, while 68% are skeptical about whether they would be able to afford the cost of healthcare once they do.
Living on a Fixed Retirement Income
While the saying goes that Americans need at least a million dollars to live a comfortable retirement, many of them are far behind this goal. Even if they have a quarter of this amount saved- around $250,000 in savings- it would only be able to help them last 6 to 7 years in the US combined with Social Security.
Calculating these numbers, it is only fair if the average American ponders over a retirement outside the USA. After all, American dollars stretch much farther in many other countries, helping potential retirees live a comfortable retirement.
As the retirement landscape becomes increasingly uncertain, with many Americans feeling unprepared and anxious about their financial futures, the role of companies like MetLife Inc. becomes ever more crucial. According to MetLife Inc. (NYSE:MET), workers should be adequately supported in their journeys towards retirement to have “access to the savings and income safeguards they need for the rest of their lives in retirement”.
MetLife Inc. (NYSE:MET) is the holding corporation for the Metropolitan Life Insurance Company. The company is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries.
Being one of the largest financial companies in the US, the company reported a net income of $912 million, or $1.28 per share, compared to a net income of $370 million, or $0.48 per share, in the year-ago period. The rise in net income was mainly due to higher adjusted earnings in the current year, along with the effect of net losses from the previous year related to specific accounting adjustments required by the reinsurance transaction announced in May 2023.
Companies such as MetLife Inc. can be good investments for retirees who are generally income investors and focus on generating consistent cash flows. At the end of the second quarter, 37 out of 912 hedge funds tracked by Insider Monkey had stakes in MetLife Inc. (NYSE:MET), representing a collective worth of $10.982 billion.
While we acknowledge the potential of MET as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MET but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Methodology
To compile the list of best places where you can retire on $250,000 in savings and feel rich, we started by reviewing our prior research on the most affordable and safest countries for retirement, including locations where it is possible to live on $1,000 per month.
We identified countries that offer ease of retirement, access to quality healthcare, and a low cost of living. From there, we curated a comprehensive list of specific destinations within those countries, ranking them based on living expenses. The rankings are organized in descending order, from the highest to the lowest cost of living.
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Here are all the best places where you can retire with $250,000 in savings and feel rich:
15. Corfu, Greece
You don’t need to have a lot of retirement income saved when you choose the laid-back island lifestyle offered by Corfu. This breathtakingly green island off Greece’s northwest coast in the Ionian Sea is brimming with glorious ocean vistas and charming villages.
Besides the glorious scenery and amazingly pleasant climate, Corfu delights retirees with its affordable cost of living. A single expat can retire comfortably under $2,000. To top it all, expats are found all over the island, no matter where you choose to settle.
14. Tbilisi, Georgia
The capital city of the country of Georgia, Tbilisi is an awesome place where you can retire on $250,000 and feel rich. After all, living costs for a single expat retiree are well under $2,000; affording them the luxury to live a comfortable retirement away from home.
Besides the reasonable cost of living, this is the only city where you can find all kinds of modern amenities without any problem. Characterized by its cobblestone streets, historic churches, and vibrant arts scene, Tbilisi is one place you don’t want to miss out on.
13. Placencia, Belize
This beach resort on the Caribbean coast of Belize is a retiree’s dream come true. Back in the US, who could think of affording a beach lifestyle and that too, on a budget as low as $1,500 per month?
At this rate, retirees could potentially live off their Social Security checks, allowing their retirement nest egg to grow elsewhere. Retirees in Placencia are stunned by its stunning beaches, proximity to nature, and the abundant activities that it offers them to do.
12. Charlestown, St. Kitts and Nevis
Retirees looking to enjoy a high-quality life without breaking the bank can explore the charming city of Charlestown. Life in Charlestown is very affordable as compared to the USA, and retirees can easily afford to retire in luxury villas, condos, and even upscale gated communities.
An easy $2,000 per month will get you through more than comfortably here, allowing you to enjoy the slow pace of island living in your golden years.
11. Brașov, Romania
The picturesque European destination of Brașov serves as a captivating retreat for those who adore history, elegance, and natural splendor. Living here can be as cheap as $1,100 a month; although many expats keep a comfortable budget of $1,600 to enjoy more than just essentials.
Nestled in the Carpathian Mountains, the city offers a stunning blend of well-preserved Gothic architecture, vibrant culture, and medieval charm.
10. Sophia, Bulgaria
Many retirees don’t achieve their financial goals yet live the dream retirement they’ve always hoped for. Countries such as Bulgaria make such dreams possible. Retiring in its captivating capital, Sophia is very much possible on a monthly $1,500.
Centuries of history clash with modern sophistication in this fascinating city, enticing retirees to make it their forever home. Retirees get to enjoy a cosmopolitan lifestyle without compromising on any amenities they had back home.
9. Granada, Nicaragua
Situated on the shores of Lake Nicaragua, Granada is another place where having $250,000 in savings will make you feel rich. This city has all the right amenities and natural beauty to make it worth your while.
Its year-round sunny weather, beautiful avenues, and vibrant culture offer a serene environment for retirees to enjoy their golden years. The expat community is quite large here, so buckle up for busy days ahead.
8. Cuenca, Ecuador
Calling all history buffs: this UNESCO World Heritage city is another strong contender on our list of places where you can retire on $250,000 and feel rich. From the Tomebamba River waterfront and handicrafts to its central plaza, Parque Calderón, and the Museo y Parque Arqueológico Pumapungo, those who enjoy history are going to have the time of their lives here.
It’s nestled in the Andes, so it’s also blessed with breathtaking mountain beauty, with the perfect touch of modern convenience.
7. Liberia, Costa Rica
Lying along the Liberia River, Liberia is an enticing blend of modern amenities and laid-back charm. As the gateway to the stunning Guanacaste province, Liberia offers retirees a warm tropical climate, abundant sunshine, and easy access to beautiful beaches and lush national parks.
The city combines contemporary conveniences with a relaxed, small-town atmosphere, featuring a range of services, restaurants, and cultural events. A single expat retiree can easily live on $1,400 a month.
6. Tagaytay, Philippines
More than just a popular holiday town, Tagaytay is best recognized for its spectacular scenery and cool climate. It is located on a ridge overlooking Taal Lake and Volcano and offers an enticing blend of picturesque landscapes, charming parks, and an array of dining options that showcase local and international cuisine.
Monthly living expenses for a single expat are close to $1,300; while a one-bedroom apartment can be rented out for $350 a month. For the average retiree, this amount can easily be covered by their Social Security check.
5. Johannesburg, South Africa
Johannesburg’s got that unique lively energy that makes one settle down here, especially in their golden years. The city is the epitome of urban sophistication, offering retirees a wealth of amenities, including world-class healthcare, shopping, dining, and cultural attractions.
Retirees also get to enjoy outdoor adventures and up-close wildlife encounters, making their stay ever more adventurous and exciting. A single retiree can manage living here for $1,300 a month.
4. Hua Hin, Thailand
Referred to as the “Royal City of the East”, Hua Hin is a stunning resort area where you can retire on $250,000 and feel rich. From beautiful seaside houses and villas to summer palaces, Hua Hin offers retirees the luxury of choosing a retirement home that best suits their desires.
Its delightful mix of beaches, warm tropical climate, and cultural festivals are everything a retiree hopes to enjoy in their golden years. As a single expat retiree, expect to live a comfortable retirement here on $1,000 a month.
3. Pai, Thailand
Another ideal pick, Pai is one of the best places to retire in Thailand. It sits in a valley on the banks of the Pai River, offering retirees a chance to enjoy a charming and tranquil retreat while nestled in the mountains of northern Thailand.
Retirees love that it offers them a break from the hustle and bustle of city life, letting them embrace everything from hot springs and waterfalls to scenic rice paddies.
2. Cebu City, Philippines
Cebu City is one of the cheapest places to retire abroad if you speak English only. As a major city, it offers retirees a blend of modern amenities and rich cultural experiences. The city features a variety of healthcare facilities, shopping centers, and diverse dining options, alongside historical sites and a lively cultural scene.
With its warm tropical climate and proximity to beautiful beaches and islands, Cebu City provides both urban convenience and access to stunning natural landscapes.
1. Langkawi, Malaysia
The best place where you can retire on $250,000 and feel rich is Langkawi, Malaysia. Even if you have no savings at all and wish to live on your Social Security benefits, Langkawi will still make you feel like you’re rich. That’s right- a single expat retiree can manage to live comfortably on as little as $800 a month.
Besides its rapid development enticing retirees, Langkawi’s affordable lifestyle, majestic shorelines, abundant nature, and duty-free status make it an all-rounded retirement destination for those with small nest eggs.
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Disclosure: None. This article was originally published on Insider Monkey.